Ecolab selling vehicle-care business for $120 million

Ecolab has agreed to sell its vehicle care division to Zep (Atlanta), a maker of cleaning and sanitizing products, for $120 million. The business, which makes cleaning and maintenance products for cars and trucks, recorded $66 million in sales during the 12 months ended 30 June.   Zep is financing the deal with existing debt capacity and expects it to be accretive during the fiscal 2013. The deal is expected to close later this year. Zep will market its vehicle-care products, which include polishes, soaps, sealants, and air fresheners, to convenience stores...

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